The crypto market slid again as total capitalization fell to $2.15 trillion, down nearly 2% on the day.

Bitcoin (BTC) dropped to trade near $62,853, sitting on a pivotal technical support. Zcash (ZEC) led the losers, sinking after a critical Orchard pool bug erased its recent gains and dragged price. Long liquidations and an AI-driven capital rotation framed another risk-off session.

In the news today:-

• Michael Saylor called the Bitcoin selloff an AI capital rotation rather than impairment, as MicroStrategy sat roughly $10 billion underwater on 843,706 BTC.
• Charles Hoskinson stepped back from videos, interviews, and X, saying lifting the ADA price was never his mission as Cardano faced an identity crisis.
• Standard Chartered cut its 2026 Ethereum target 47% to $4,000 while holding its $40,000 2030 call, as ETH slipped below $1,800.

Crypto Market Down Again Today as Liquidations Mount On Rotation

The total crypto market cap fell 1.81% to $2.15 trillion. The market shed about $40.61 billion in a day as a third straight session of long liquidations flushed leveraged positions. Roughly $460 million in long liquidations hit over 24 hours, which forced sellers into a thinning market.

The move extends a slide from the $2.72 trillion peak on May 10, a 22% correction that now seems to be mirroring the 37% drop seen between early January and February.

That earlier rout bottomed near $2.05 trillion, the same level now acting as a critical floor. TOTAL has already lost the 0.382 Fibonacci level at $2.25 trillion, leaving little structural support above $2.05 trillion.

If $2.10 trillion and then $2.05 trillion hold, the market can attempt to reclaim $2.25 trillion and then $2.43 trillion. If $2.05 trillion breaks, $1.95 trillion and $1.74 trillion open up.

Bitcoin Price Tests $60,000 as Selloff Deepens

Bitcoin fell to $62,853, pressing against the 0.5 Fibonacci level at $63,846 after losing its ascending channel. The decline ties directly to the same deleveraging wave hitting the broader market, with BTC absorbing the largest single share of liquidations at roughly $220 million over 24 hours.

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Saylor framed the weakness as capital rotating toward AI infrastructure rather than a structural break, yet the chart shows a clear loss of momentum.

The structure since the February low resembles a rising channel that behaves as a continuation pattern, meaning a breakdown would extend the prior downtrend rather than reverse it.

A breach attempt higher failed on May 6, and a downside test on June 4 found only thin buying. The psychological $60,000 level sits just above the 0.618 Fibonacci level at $59,360. A daily close below $59,360 exposes $52,974. A reclaim of $63,846 steadies the trend.

Zcash Price Crashes as Orchard Bug Triggers Selloff

Zcash dropped over 30% to $404 since yesterday. It broke down after a critical counterfeiting vulnerability in its Orchard shielded pool surfaced. While the broader crypto market fell on liquidations and the AI rotation, ZEC’s slide carried a separate catalyst that amplified the market-wide sell pressure.

Zcash founder Zooko Wilcox confirmed a researcher found a flaw that could have minted undetectable counterfeit ZEC, with an emergency fix completed on June 2, which turned the event into a sentiment shock.

The token broke below the neckline of a head-and-shoulders pattern, a reversal structure where a central peak sits between two lower highs.

The breakdown near $498 came on a surge in selling volume, which strengthens the signal. The measured target points toward $356 and then $336. ZEC price already tagged $380 before a partial rebound.

The $456 level and the $498 neckline now separate a recovery attempt from a continuation toward $336.

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